"Monforts is the leader in innovation in textile finishing machinery," said Alex Wan, CEO,
Fong's. "It will considerably strengthen our international competitiveness, which has set course
for worldwide leadership and excellence in the textile machinery business."

"Today's announcement intensifies our long-standing cooperation with Fong's and opens up new
opportunities for Monforts," said Roland Hampel, managing director, Monforts. "Innovation stands at
the core of our daily work and we look forward to strategically developing new business areas for
our customers with our trusted and successful partners in China."

Wan and Hampel emphasized technical textiles as a prospective business area on which the
companies will focus. The companies also plan to establish what they describe as the "textile
machine factory of the future" in Zhongshan, China.